variables and operating assumptions we make for NewZealand Post Group as well as our observations of the sensitivity: • The sensitivity of NewZealand Post Group valuation ... positive enterprise valuation for others in the Group) for NewZealand Post (postal ... we have disaggregated the valuation sensitivity from the non-bank operations. Figure 26: NewZealand

off and gentle flattening on the week, with the NewZealand market strongly ... australia, newzealand, united states ...DomesticInterestRates NZD interestrates generally saw a small sell off over the course of the week with little domestic data to drive the market. While the 3m bill

is very high – even for NewZealand, which has often had an inverse yield curve. Although ...newzealand, united states ... and the election), but price action looks supportive. With the creditratings downgrade now

australia, newzealand, united states ... out for their high yields, performing economies and high creditratings. This only makes the environment more difficult to read. With domestic data still upbeat, and the Australian ... is on the borrower’s side. GAUGES FOR NZ INTERESTRATES GAUGE DIRECTION COMMENT RBNZ / OCR NZ

overnight rateNEWZEALAND Official Cash Rate United Kingdom Bank Rate United States Federal Funds RateEffective from 5-May-10 13-May-09 5-Oct-10 29-Jul-10 5-Mar-09 16 ... australia, europe, japan, newzealand, united kingdom, united states ... has slowed in recent months, with household spending constrained by high rates of unemployment, lower income growth, and lower housing wealth, along with tighter credit

on a management basis increased by 5.8%* with good growth in most markets, partially offset by declines in Australia and NewZealand. EBITDA and profit Group EBITDA decreased by 0 ... tax for calculating adjusted effective tax rate Adjusted effective tax rate Note ... an increase of 0.5%*. Net financing costs before interest on settlement of tax issues